Crude oil prices rising with Syria crisis looming

Crude oil closed yesterday at $109.01 a barrel and at one point yesterday crude oil was over $112 a barrel.  According to AAA Mid-Atlantic, the last time crude oil prices were closing at $110 or more was in April and May of 2011.  The national average price of gas in April-May 2011 was between $3.73 and topping at $3.99 a gallon.  In Virginia, it was $3.64 and topping at $3.90 a gallon during that same time.  Today, the national average price of a gallon of gas is $3.55 a gallon and $3.36 a gallon in Virginia.

“As you can imagine, tensions in Syria and the possibility of action by the US have caused increasing concerns, which in turn can have an effect on the price of crude oil.  We will continue to monitor the price of crude oil, the geopolitical situation and how it is affecting the price of gas,” said Tammy Gobert with AAA Mid-Atlantic.